Holden, Steinar; Nymoen, Ragnar - 2004
The non-accelerating wage rate of unemployment (NAWRU indicator), used by the OECD as a measure of structural … empirical wage equations for the same countries over the period 1964-1994, in sharp contrast to the increased NAWRU estimates …. The instability of the NAWRU estimates is an artefact of a misspecified underlying wage equation, and not due to …